Really... you can have as many timers, setIntervals, or frame event handlers as you like in your app - but if you're into 'green' development a notification system can help you reduce, re-use, and recycle.
Did you get the Highlander reference? Everything after the first movie was a let-down for me... yet, I trudge on. Anyway - back to time management.
My implementation is simple and performs pretty well - if it makes sense to you... give it a go! If you say 'bah!' the code might still be helpful from an architectural point of view. I've included a recycling technique that helped keep the memory footprint under control which could prove useful in other contexts.
Click on the image or link below for a sample and from there right click for source.
[ source / example: Interval Manager ]